D-Wave Quantum (NYSE:QBTS) Price Target Raised to $8.00 at Benchmark

D-Wave Quantum (NYSE:QBTS) had its price target lifted by equities research analysts at Benchmark from $3.00 to $8.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 24.22% from the stock’s previous close.

A number of other equities research analysts have also weighed in on QBTS. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, B. Riley raised their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $6.44 on Friday. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $10.50. The company has a market capitalization of $1.44 billion, a PE ratio of -15.33 and a beta of 1.79. The business has a 50-day moving average of $2.64 and a 200-day moving average of $1.59.

Insider Buying and Selling

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds have recently made changes to their positions in QBTS. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter worth $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter worth about $45,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $49,000. Instrumental Wealth LLC lifted its position in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock valued at $62,000 after purchasing an additional 25,067 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in D-Wave Quantum in the 2nd quarter worth about $93,000. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.